Bitcoin Price: Will $7,600 Become the new Support Level?
After a very tough weekend, there is still ample positive momentum on the market as well. With all top 13 cryptocurrencies in the green, it is a rather odd sight given all of the negativity which occurred on Saturday and Sunday. While there are no major changes to speak of, the Bitcoin price is definitely heading in the right direction as of right now.
Bitcoin Price Momentum Continues
Any Bitcoin price chart is usually a mix of up and down momentum, for rather obvious reasons. While there is positive momentum in the market right now, things looked very different just a few days ago. Rest assured this situation will look completely different by tomorrow or the day after, as cryptocurrencies are not known for their stability whatsoever. The Bitcoin price is perhaps the best example of this trend.
Even so, there is something positive to note over the past few hours. Although the current Bitcoin price gain is pretty small, all things considered, it is still a lot better compared to what most people had expected at this time. Thanks to this small increase, the Bitcoin price has increased to $7,632 once again, although it seems unlikely it will stay there for long. More specifically, remaining above $7,600 will be the primary challenge for the Bitcoin price.
Judging by the chart of the past week, the Bitcoin price has surpassed $7,600 on at least two occasions. Every single time, the price was pushed to well below $7,500 fairly quickly. It is likely this situation will happen once again, although there are no certainties when it comes to cryptocurrency whatsoever.
The Bitcoin trading volume hasn’t changed all that much, albeit one shouldn’t expect anything less these days. With $4.666bn, there is still plenty of interest in trading Bitcoin – either for profit or otherwise – albeit this volume will need to pick up the pace sooner rather than later if major gains are to be achieved. Whether or not that will happen, is a different matter altogether.
Looking over the exchanges ranked by trading volume, it quickly becomes apparent Binance continues to dominate the markets at all times. The exchange’s USDT pair generates the most volume, and its EOS pair is also in the top five. Huobi and OKEx’s USDT pair, as well as Bitfinex’s USD pair, are all in the top five as well. A very peculiar mix of currencies, although it seems sufficient to keep the Bitcoin price momentum going, for the time being.
As far as the Bitcoin price is concerned, there are no certainties whatsoever. While the momentum seems relatively positive right now, things can turn on a dime at any given moment. If the Bitcoin price remains above $7,600 for a few days, interesting things are bound to happen sooner or later. According to the bigger picture, the Bitcoin price trend remains in place rather firmly, for the time being.